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Some names getting mentioned as to an additional partner coming to the Falklands on the Rockhopper board. Delek, Hess, Repsol. Delek and Hess both Israeli. I wonder if they are looking at BOR with Navitas to form a consortium to spread the cost. Interesting that Navitas say they want to introduce another partner to Sea Lion. Along with Sea Lion being before HM Treasury for a decision, things will be hotting up in the Falklands.

Are the board really leaving the results to the very last minute because they are lazy ? Surely not ?

Same for RKH. Why are they so late?

Rockhopper have not released their results yet. Coincidence or coordinated ?

I would agree something has delayed the results. All I would say is I would think there is a lot of negotiating on. The board will be leveraging maximum value and wanting to see the funding before doing a deal. imo.

Don't worry. It's not JHI who have made the offer, lol

Yeah, Navitas have to get the finance, but they want to roll Sea Lion and Darwin together for one big drilling blitz.

Navitas have significantly reduced costs on Sea Lion and want to drill Darwin. Whether the board accept is another thing. BOR agreed commercial terms back in 2010 with a farmout partner, but never disclosed anything. Nothing can be revealed until it's all signed sealed and delivered. Can only wait and see.

Yeah they've had an offer, that's why there's been all the buying from Mr Calgary. 20% carry apparently.

I have heard they've had an offer from Navitas. But whether the Board will accept it I don't know.

The board have two big shareholders who hold nearly 15% of the company and so the board need to consider their expectations especially if they have made certain promises and expectations. These guys don't back losers and if the board don't perform by demonstrating real progress, then they could be out the door.

Thanks Jimmy. I didn't realised they've already declared MOU1 a gas discovery. I expect they will be more confident once MOU1 is flow tested and they confirm commercial rates. Let's hope they can.

Dissipline - Here is an example of an independent evaluation of a COS of 81% for an undrilled target. It's called Darwin West and is on Borders and Southern acreage. Hope this helps. This type of COS is perfectly normal on discovered prospects of undrilled prospects exhibiting a known discovery in a play. I'm just highlighting that 34% at MOU3 is not that great and is more a wildcat COS. Maybe you want to re-evaluate your own risk on this well and not get carried away by PG?

It was noted that the untested Darwin West fault block displayed very similar seismic characteristics and attributes to the Darwin East fault block. The geological chance of success of finding hydrocarbons in Darwin West was assessed to be 0.81.

https://ir.design-portfolio.co.uk/viewer/65/43862

Do they have funds to drill MOU4?

I can't see how they can drill MOU3 and MOU4 and test MOU1.

Are they betting on MOU3 being a discovery? and MOU1 flowing commercially?

Seems a bit risky. Just my musings. Apologies if this has all been covered. Only saw the presentation and thought is this guy for real?

Hmm drilling MOU3 first?? Should test MOU1 first then decide on MOU3 depending on testing result at MOU1. PG seems to be rushing this a bit if you ask me. Increasing chances of mistakes. Where is the 3D data? how are they selecting these well locations..based on what? Just 2D data? How do they know what they are drilling into? Just seems odd to me.

Ah 34% COS for MOU3. Wildcat territory. Would like to see +80%. Risk of migration via faults to surface at MOU1. Although MOU3 reservoirs may not be contiguous to MOU1 and have a separate closure. Depends on MOU1 test. Are they testing MOU1 first to see if it flows economically and then drill MOU3 to improve COS?

Ah ok 21% for MOU4. I thought MOU4 was also drilling the extent of the Moulouya fan, therefore COS would have been better. It seems like 21% is for the Jurassic only, although the well seems off location for the Jurassic. on the plan. I'd rather drill it central.

So what's the COS for MOU3?

I was puzzled to hear PG say they give 21% COS for the MOU3 appraisal well, which in his opinion is a good chance. Surely with that success rating it's more an exploration chance. It should be about 80% COS if it's an appraisal well and they are confident on data from MOU1 & MOU2. Just an observation some might want to ponder.

Argerich-1 deepwater well will begin drilling later this year. It was schedule for Q1 2023, but not yet started.

https://oilprice.com/Energy/Energy-General/Could-Argentina-Replicate-Brazils-Offshore-Oil-Boom.html

2.6p is a great price. Even a small punt here can bag you thousands.

If we get a farmout, then 70/30% or even 80/20% is worth a huge amount with a carry to early production revenue. Capex is $640m (£530m) for the early development, so 20-30% carry is worth £106-£160m. Then back costs on £230m spent is £46m-£70m. So in cash value we are looking at £152m-£230m on 20-30% carry, without any value given to Darwin. That's 20-30p. Surely there is an oiler out there interested. The annual report is being delayed for a reason, imo.

Nigel - Maybe so, but there is something going on in the Falklands with Argentina teaming up with China and the UK Gov teaming up with Israel. It's all about security and curbing the sway of China and ensuring the islands are defended and if that means an Israeli company joining in with Israel's Gov backing and UK Gov backing, then Export Finance may be used to grease the wheels and strengthen interests. aimho.